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By the second quarter of 2024, most states reported declines in these debts.
However, a few states stand out with rising non-mortgage debt, defying the national trend.
A recent report fromExperianhighlighted these states, exploring the economic factors and unique conditions driving this divergence.
Also, find outwhich states have the most personal debt.
Alaska
In 2024, Alaskas average non-mortgage debt reached $24,643 per person.
Living in Alaska comes with unique financial challenges that make it tough for residents to cut back on debt.
With limited public transportation, owning a car is a must, leading to high auto loan balances.
These combined factors create a unique situation where managing and reducing debt is especially challenging for Alaskan residents.
California
In 2024, Californias average non-mortgage debt ticked up to $21,444 per person.
In many areas, limited public transportation makes owning a car essential, adding to auto loan balances.
Hawaii
In 2024, Hawaiis average non-mortgage debt rose slightly to $19,781 per person.
Nevada
In 2024, Nevadas average non-mortgage debt rose slightly to $24,391 per person.
Rising living costs and a growing population have also made daily expenses harder to manage without credit.
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